Financial Covenant Compliance Period definition

Financial Covenant Compliance Period means any period (a) commencing on the date on which Excess Availability is less than the greater of (i) $4,000,000 and (ii) 10% of Availability, and (b) ending on the first date thereafter on which Excess Availability has been equal to or greater than the greater of (i) $4,000,000 and (ii) 10% of Availability, in each case of this clause (b) for 21 consecutive Business Days.

Financial Covenant Compliance Period means each period (i) commencing on any date on which (a)(1) the average daily Aggregate Borrowing Availability for the previous thirty (30) consecutive Business Days shall be less than $60,000,000 and (2) the average daily Liquidity Amount for the previous thirty (30) consecutive Business Days shall be less than $125,000,000, or (b) Aggregate Borrowing Availability shall be less than $50,000,000 on such date (unless the outstanding principal balance of the Revolving Loan shall be zero on such date) and (ii) continuing until the first date occurring at least thirty (30) Business Days after the commencement of such period that does not satisfy any of the criteria set forth in the foregoing clause (i).

Financial Covenant Compliance Period means the period commencing on any date on which Excess Availability has been less than the greater of (A) $30,000,000 or (B) the amount equal to twelve and one-half (12.5%) percent of the lesser of (1) the Borrowing Base or (2) the Revolving Loan Limit, and ending on a subsequent date on which Excess Availability has been equal to or greater than the greater of (C) $40,000,000 or (D) the amount equal to twelve and one-half (12.5%) percent of the lesser of (1) the Borrowing Base or (2) the Revolving Loan Limit, for the sixtieth (60th) consecutive day.

Examples of Financial Covenant Compliance Period in a sentence

• To Agent and Lenders, within two (2) Business Days of the commencement of any Financial Covenant Compliance Period, to the extent a Compliance Certificate has not already been delivered with respect to such Financial Covenant Compliance Period pursuant to clause (b) above, a Compliance Certificate, certified by a Financial Officer of Borrower Representative, showing the calculations used in determining compliance with each of the Financial Covenants that is tested on a quarterly basis.

• Promptly, and in any event within two Business Days after any officer of Parent, the Company or any of its Subsidiaries obtains knowledge thereof, notice of the commencement of a Dominion Period or a Financial Covenant Compliance Period.

• During each Financial Covenant Compliance Period, Parent and its Subsidiaries shall have on a consolidated basis at the end of the most recently ended Fiscal Quarter for which Financial Statements are required to be delivered to the Administrative Agent and Lenders pursuant to Annex E, a Fixed Charge Coverage Ratio for the four Fiscal-Quarter period then ended of not less than 1.15:1.00.

• To the Administrative Agent and Lenders, within two (2) Business Days of the commencement of any Financial Covenant Compliance Period, to the extent a Compliance Certificate has not already been delivered with respect to such Financial Covenant Compliance Period pursuant to clause (b) above, a Compliance Certificate, certified by a Financial Officer of Borrower Representative, showing the calculations used in determining compliance with each of the Financial Covenants that is tested on a quarterly basis.

• During each Financial Covenant Compliance Period, Parent and its Subsidiaries shall have on a consolidated basis at the end of the most recently ended Fiscal Quarter for which Financial Statements are required to be delivered to the Administrative Agent and Lenders pursuant to Annex E, EBITDA for the 12-month period then ended of not less than $100,000,000.

More Definitions of Financial Covenant Compliance Period

Financial Covenant Compliance Period means each period (i) commencing on any date on which (a)(1) the average daily Aggregate Borrowing Availability for the previous thirty (30) consecutive Business Days shall be less than $50,000,000 and (2) the average daily Liquidity Amount for the previous thirty (30) consecutive Business Days shall be less than $100,000,000, (b) Aggregate Borrowing Availability shall be less than $30,000,000 on such date (unless the outstanding principal balance of the Revolving Loan shall be zero on such date) or (c) the average daily outstanding principal balance of the Revolving Loan for the previous thirty (30) consecutive Business Days shall exceed $150,000,000 and (ii) continuing until the first date occurring at least thirty (30) Business Days after the commencement of such period that does not satisfy any of the criteria set forth in the foregoing clause (i).

Financial Covenant Compliance Period means the period commencing on (1) any date from October 1, 2016 through and including March 31, 2017 on which Excess Availability is less than $32,500,000 and (2) any date from April 1, 2017 and thereafter on which Excess Availability has been less than the greater of (a) the Financial Covenant Compliance Excess Availability for such applicable period and (b) the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the sum of (A) the Borrowing Base and (B) the Tranche A Borrowing Base or (ii) the Maximum Credit, and ending on a subsequent date on which Excess Availability has been equal to or greater than the greater of (a) $45,000,000, and (b) the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the sum of (A) the Borrowing Base and (B) the Tranche A Borrowing Base or (ii) the Maximum Credit, for the sixtieth (60th) consecutive day.

Financial Covenant Compliance Period means the period commencing on any date on which Excess Availability has been less than the greater of (a) during the Tranche A Loan Availability Period, $33,195,266, and at all times thereafter, $31,775,148 or (b) during the Tranche A Loan Availability Period, the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the sum of (A) the Borrowing Base and (B) the Tranche A Borrowing Base or (ii) the Maximum Credit, and at all times thereafter, the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the Borrowing Base or (ii) the Revolving Loan Limit, and ending on a subsequent date on which Excess Availability has been equal to or greater than the greater of (c) during the Tranche A Loan Availability Period, $44,260,355, and at all times thereafter, $42,366,864 or (d) during the Tranche A Loan Availability Period, the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the sum of (A) the Borrowing Base and (B) the Tranche A Borrowing Base or (ii) the Maximum Credit, and at all times thereafter, the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the Borrowing Base or (ii) the Revolving Loan Limit, for the sixtieth (60th) consecutive day.

Financial Covenant Compliance Period is hereby deleted and the following is substituted in place thereof:

Financial Covenant Compliance Period means the period commencing on (1) any date from March 24, 2016 through and including June 30, 2016 on which Excess Availability is less than the Financial Covenant Compliance Excess Availability for such applicable period and (2) any date from July 1, 2016 and thereafter on which Excess Availability has been less than the greater of (a) the Financial Covenant Compliance Excess Availability for such applicable period and (b) the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the sum of (A) the Borrowing Base and (B) the Tranche A Borrowing Base or (ii) the Maximum Credit, and ending on a subsequent date on which Excess Availability has been equal to or greater than the greater of (a) $45,000,000, and (b) the amount equal to twelve and one-half (12.5%) percent of the lesser of (i) the sum of (A) the Borrowing Base and (B) the Tranche A Borrowing Base or (ii) the Maximum Credit, for the sixtieth (60th) consecutive day.

Financial Covenant Compliance Period means any period beginning on any date on which Specified Excess Availability is less than the greater of (x) 15% of the Line Cap and (y) $10.5 million and ending on the subsequent date on which Specified Excess Availability is equal to or greater than the greater of (x) 15% of the Line Cap and (y) $10.5 million for at least thirty (30) consecutive calendar days.

Financial Covenant Compliance Period means the period commencing on (1) any date from October 1, 2016 through and including March 31, 2017 on which Excess Availability is less than $32,500,000 and (2) any date from April 1, 2017 and thereafter on which Excess Availability has been less than the greater of (a) the Financial Covenant Compliance Excess Availability for such applicable period